In what way does my ID and proof of funds have anything to do with my conveyancing in North Somerset? Why is this being asked of me?
North Somerset conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Confirmation of source of funds is also required under the money laundering laws as conveyancers are obliged to investigate that the money you are utilising to buy a property (whether it be the deposit for exchange or the total purchase price if you are buying mortgage free) has originated from a reputable source (such as an inheritance) as opposed to the proceeds of criminal behaviour.
I require quick conveyancing in North Somerset as I am under pressure to exchange contracts in less than one month. Luckily I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
As you are not getting a home loan you are at liberty not to do searches although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in North Somerset the following are examples of issues that can arise and therefore affect future saleability: Refused Planning Applications, Overdue Charges, Outstanding Grants, Unadopted Roads,...
How does conveyancing in North Somerset differ for new build properties?
Most buyers of new build or newly converted property in North Somerset come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in North Somerset typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in North Somerset or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. North Somerset is where the house is located. Can you offer any guidance?
Flying freeholds in North Somerset are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Somerset you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Somerset may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Given that I am about to spend £400,000 on a property in North Somerset I wish to have a conversation with the conveyancer regarding thetransaction in advance of giving the go ahead to the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer who will be carrying out your property ownership legalities in North Somerset.There is no ‘factory style conveyancing’ - each client is unique individual, not a case number. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in North Somerset should be the amount on the final invoice that you end up paying.